Dogecoin bulls continue to show inactivity as the market cascaded to selling pressure within the last 24 hours. At the time of publication, DOGE was trading at $0.1272, down 1.11% in the last 24 hours and 7.99% since the past week. Bill Lee, founding chairman of MyDoge, a self-custodial Dogecoin wallet, has bought all 25 fire-tier editions of the Aliens, a team in the Big3 in a historic transaction valued at over $600,000. This reportedly marks the largest commercial Dogecoin transaction. As a result of the purchase, Big3 will adopt Dogecoin, resulting in the integration of the MyDoge wallet, allowing players, coaches, and teams to earn Dogecoin tips on Twitter with only a tweet. Aliens will also prominently display MyDoge/Dogecoin on team jerseys, events, and broadcasts.
Key Levels
Resistance Levels: $0.1730, $0.1550, $0.1395
Support Levels: $0.1205, $0.1100, $0.1067
DOGE/USD Daily ChartThe moving average (MA 50) barrier appears to have stifled Dogecoin’s recent rebound around lows at $0.1250. On May 5, a further drop followed, with lows around $0.1248, and the price is presently consolidating losses. Positive momentum appears to be faltering, as the RSI continues below 50, according to the near-term oscillators.
After falling from its yearly high of $0.2150 on Jan 14, Dogecoin entered a period of negative consolidation. In the event of upward momentum, the daily MA 200 could act as a barrier before the key level at $0.1800 level is re-challenged. After clearing this, the DOGE/USD pair may challenge $0.1960 levels before moving on to a yearly high at $0.2150.
DOGE/USD 4-Hour ChartAfter peaking at $0.1708 on Apr. 25, Dogecoin has been moving sideways. DOGE recently fell below the 4-hour MA 50 ($0.1350) and is presently trading in the sub $0.1300 level. The RSI has stabilized beneath the 50 levels indicating the absence of bullish impetus. More losses might send the price of DOGE below the crucial $0.1250 mark, before a drop to $0.1200 lows.
Alternatively, DOGE could rebound to the upside, facing resistance between the short-term moving averages (MA 50 and MA 200) before advancing to the $0.1500 mark. If DOGE breaks the aforementioned levels, the market could flirt with a yearly high of $0.2150. In short, on the DOGE/USD pair, consolidation reigns supreme, with a break either above or below
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